Al baraka Banking Group (ABG)

Al Baraka Banking Group obtains a #licence to establish a new bank in #Morocco

The Bahrain-based Al Baraka Banking Group (ABG) has obtained the approval of the Bank Al Maghrib (the central bank of Morocco) to establish a new bank in Morocco. The Group is now represented in all countries in the Maghreb. The Group now owns banking subsidiaries in Algeria, Tunisia, Libya and Morocco, as well as the African continent in Egypt, Sudan and South Africa. The Group has already obtained the approval of the Central Bank of Bahrain to establish the Morocco bank and will carry the name of Al Baraka Bank Morocco. The new bank will be under the management of Al Baraka Banking Group and will operate within its network of subsidiary banking units, which are currently located in 15 countries and in turn own more than 700 branches.

Burj Bank merges into Al Baraka

Al Baraka Bank (Pakistan) and Burj Bank have successfully merged operations under the name of Al Baraka Bank (Pakistan). The amalgamated entity will operate with a combined network of 224 branches and net assets in excess of 120 billion. Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group (ABG) said that the merger was part of the group’s strategy to expand its reach in Pakistan and strengthen the global footprint of Islamic Finance. This merger will further catalyze the growth by establishing Al Baraka as an even stronger institution in the Islamic Banking sphere. The substantial increase in combined capital and branch network will help to reach out to a broader customer base with a full range of Islamic Banking services.

Al Baraka Banking Group Increase its Total Operating Income by 7% to US$ 538 million and Total Assets Reach US$ 25 billion in the First Half of 2016

The #Bahrain based Al Baraka Banking Group (ABG) announced that it achieved an increase in total operating income of 7% and net profits before tax and provisions by 4% during the first half of 2016. Total assets increased by 2%, total finance and investments by 4%, deposits by 1% while total equity increased by 2% as at the end of June 2016. Total operating income reached US$ 538 million in the first half of 2016 compared to US$ 502 million during the same period of 2015. Al Baraka's CEO Adnan Ahmed Yousif said the Group opened 24 new branches in the first half of 2016 to bring total branches to 611. He considers the entry of the Group to Morocco market a very important achievement, because it represents one of the main markets in the Arab Maghreb and Africa. Also, it means a higher diversification in assets and income sources for the Group.

#Bahrain's Al Baraka gets regulatory nod for #Morocco entry

Bahrain-based Al Baraka Banking Group will establish a banking unit in Morocco after receiving approval from local authorities. The bank said entry to the Morocco market would significantly help diversify assets and income sources for the group. In contrast with its peers in the Gulf, Al Baraka has built the bulk of its business outside of the region, including units in Pakistan, Turkey, Egypt, Tunisia and South Africa.

Al Baraka Banking Group Achieve US$ 38 million Net #Income Attributable to Equity Holders of the Parent in the First Quarter of 2016

The #Bahrain based Al Baraka Banking Group (ABG) announced that it achieved a substantial increase in total operating income of 16%, and net profits before tax and provisions by 13% during the first quarter of 2016. President & CEO Adnan Ahmed Yousif said the group opened 20 new branches in the first quarter of 2016 to bring total branches to 607 branches with total staff of 11,458. Additionaly, ABG obtainied official approval to establish a banking unit in Morocco, which means a higher diversification in assets and income sources for the Group.

ABG wins award for social responsibility

The Arab Organisation for Social Responsibility has awarded Al Baraka Banking Group (ABG) for the best Arab Bank supporting social responsibility. The aim of the award is to encourage the role of public and private sectors, government and private institutions, in the area of social responsibility.

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